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San Francisco runs on founders, consultants, and freelancers. Most of them can't qualify with a W-2.
P&L loans exist for exactly this. Your CPA prepares a profit and loss statement. That document verifies your income — no tax returns needed.
620+
Min Credit Score
CPA P&L Statement
Income Doc
10-20% typical
Down Payment
12-24 months
P&L History
Non-QM
Loan Type
Profit & Loss Statement Loans in San Francisco
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that net income figure to calculate what you can borrow.
Expect a minimum 620 credit score, though 680+ gets you better pricing. Down payments typically start at 10-20% depending on the lender.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in San Francisco.
San Francisco runs on founders, consultants, and freelancers. Most of them can't qualify with a W-2.
P&L loans exist for exactly this. Your CPA prepares a profit and loss statement. That document verifies your income — no tax returns needed.
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that net income figure to calculate what you can borrow.
Banks won't touch P&L loans. These are non-QM products — meaning they fall outside standard lending rules — held by specialty wholesale lenders.
We work with 200+ wholesale lenders at SRK CAPITAL. Several specialize in non-QM products for high-income self-employed borrowers in expensive markets like SF.
The biggest mistake I see: borrowers submitting a P&L that doesn't match their bank deposits. Lenders cross-check. Inconsistencies kill deals.
Get your CPA involved early. A well-structured P&L that clearly shows business income makes the difference between approval and a counter-offer.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans let your CPA summarize income directly. Each method suits different business structures.
If your business has heavy expenses running through accounts, a P&L loan may show higher qualifying income than bank statements. Run both scenarios before committing.
SF property prices are steep. P&L loans can go well into jumbo territory, which means borrowing above conforming limits. Lenders price that risk into the rate.
Tech founders, attorneys, and real estate investors make up a big chunk of SF's self-employed population. P&L loans are one of the few tools that actually fit their financial profile.
A licensed CPA must prepare and sign it. Self-prepared P&L statements are not accepted by lenders.
No. That's the point. The P&L replaces tax returns as the primary income document.
Most lenders want 12 months minimum. A 24-month P&L shows more stability and usually gets better terms.
Yes. Several non-QM lenders offer P&L loans in jumbo amounts. Expect stricter credit and reserve requirements.
Yes, typically. Non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.
Most non-QM lenders require 6-12 months of mortgage payments in reserves. Higher loan amounts often require more.